ScoutRFP, whose software is designed to help businesses streamline the process of ordering goods from suppliers, announced that it raised $33 million in a Series C fundraising round led by Scale Venture Partners. San Francisco-based Scout, part of a tech sector dubbed supplier relations management, or SRM, aims to free businesses from painstaking traditional methods … Continue reading “ScoutRFP Scores $33M to Compete in Supplier Management Sector”
Category: San Francisco
NAIAS: Ford’s Foray into Microtransit Proved Valuable, Klevorn Says
Detroit’s North American International Auto Show (NAIAS) pulled back the curtains for a media preview Monday and Tuesday before it opens its doors to the public next week. Coming on the heels of CES—the annual technology conference in Las Vegas that has increasingly become the preferred venue for automakers to showcase their latest technology developments—the … Continue reading “NAIAS: Ford’s Foray into Microtransit Proved Valuable, Klevorn Says”
After 33 Exits in 5 Years, WI Seeks “More and Bigger” Startup Deals
[Updated 1/22/19, 3:10 pm CT. See below.] When Propeller Health’s founders initially tried to raise funding for their new healthcare technology venture, many of the investors they spoke with were hesitant to take the risk. It was the early part of this decade, and Propeller was navigating the FDA’s regulatory process for medical devices. The … Continue reading “After 33 Exits in 5 Years, WI Seeks “More and Bigger” Startup Deals”
Merck And The Future of Immuno-Oncology: A Chat With Roger Perlmutter
Cancer immunotherapy is, in a word, tantalizing. It might save the life of someone at death’s door and keep the cancer at bay for years. Or it might not work at all. There’s no telling what a patient will experience. “There’s a real poverty of understanding of how the machine that is us works,” says … Continue reading “Merck And The Future of Immuno-Oncology: A Chat With Roger Perlmutter”
Five Prime’s Shakeup Cuts Staff 20%, Keeps Focus on Clinical Programs
Five Prime Therapeutics is cutting its headcount by 20 percent, part of a cash-saving effort the company is making to focus on the cancer drugs it has already advanced into clinical trials. South San Francisco, CA-based Five Prime (NASDAQ: [[ticker:FPRX]]) said Tuesday that the corporate restructuring will reduce operating expenses by $10 million in 2019 … Continue reading “Five Prime’s Shakeup Cuts Staff 20%, Keeps Focus on Clinical Programs”
A VC’s Take: Global Volatility Hurts U.S. Venture Ecosystem
As Xconomy’s editors looked back at the year just passed, we asked technology leaders to comment on the trends they’d observed in 2018, and the developments they expected in 2019. Some leaders responded with their views on the business impact of the Trump era, pointing to specific policy positions such as tax code revisions, curbs … Continue reading “A VC’s Take: Global Volatility Hurts U.S. Venture Ecosystem”
Government Shutdown Hits Biotech as FDA Punts Review of Aimmune Drug
[Updated, 11:25 am ET, see below] The partial U.S. government shutdown has just had its first tangible effects on the potential approval of a new drug: The FDA review of a peanut allergy treatment from Aimmune Therapeutics (NASDAQ: [[ticker:AIMT]]) has been delayed. In a regulatory filing posted late Wednesday, Aimmune, of Brisbane, CA, said that … Continue reading “Government Shutdown Hits Biotech as FDA Punts Review of Aimmune Drug”
San Diego Life Science Companies See Stock Bumps, Slips in JPM Wake
The massive life sciences meeting now known as the J.P. Morgan Healthcare Conference started out as a clubby get-together hosted by investment bank Hambrecht & Quist. Back in the days of H&Q, bankers and entrepreneurs flocked to San Francisco to get information about biotech companies that was otherwise hard to come by. Investors, thrilled—or spooked—by … Continue reading “San Diego Life Science Companies See Stock Bumps, Slips in JPM Wake”
Pensa, AI-Enabled Drones Maker for Inventory Monitoring, Raises $5M
[Updated, 1/18/19, 1:10 pm CT] Austin—The grocery store shelf has yet to be plugged into the increasingly digital food supply chain. Instead, inventory is typically tallied by employees by hand in a slow and laborious process. “It’s one big black hole with groceries, not knowing what is exactly on the retail shelf and available for … Continue reading “Pensa, AI-Enabled Drones Maker for Inventory Monitoring, Raises $5M”
E-Commerce Startups, Legacy Stores Grapple With Changing Retail Scene
The changing of the guard transforming retail is accelerating. Sears, the nation’s first “everything store,” is teetering toward bankruptcy after years of stagnation as industry leaders prepare to gather in New York at the National Retail Federation’s annual conference. Yet, new startups—aided with tech tools like artificial intelligence, chatbots, and the like—are trying to reinvent … Continue reading “E-Commerce Startups, Legacy Stores Grapple With Changing Retail Scene”
Tech Companies Share Shutdown Losses, With Little Chance of Back Pay
As federal agency employees miss their first paychecks today due to the partial government shutdown that began Dec. 22, federal contractors and their workers—including technology professionals—face a loss of income that they may never recover. Big technology companies such as Oracle (NYSE: [[ticker:ORCL]]), Microsoft (NASDAQ: [[ticker:MSFT]]), and Amazon (NASDAQ: [[ticker:AMZN]]), as well as smaller tech … Continue reading “Tech Companies Share Shutdown Losses, With Little Chance of Back Pay”
Report: After a Boffo 2018, VC Deals in Digital Health May Flatten
Investments in digital health startups totaled $8.1 billion in 2018, a record year that marked a 42 percent increase over 2017’s total, according to a report released this week by Rock Health. But the report’s authors say it’s unlikely that venture capital investments in digital health, an area that encompasses the use of software and … Continue reading “Report: After a Boffo 2018, VC Deals in Digital Health May Flatten”
Bio Roundup: #JPM19 Notes, Loxo Buyout, Black Diamond’s Cash & More
Diabetes drugs are Eli Lilly’s bread and butter, but the pharmaceutical giant hasn’t lost its appetite for cancer drugs. It grabbed hold of a few more this week by betting $8 billion on Loxo Oncology. Loxo (NASDAQ: [[ticker:LOXO]]) has made a name for itself by becoming one of just two companies ever to earn an … Continue reading “Bio Roundup: #JPM19 Notes, Loxo Buyout, Black Diamond’s Cash & More”
Notes from the JPM19 Vortex: Price Apocalypse, Celgene Fallout & More
[Editor’s note: Ben Fidler and Sarah de Crescenzo coauthored this report.] It is here, and then it is gone. But by the time everyone staggers to the airport or back home to sleep in their own beds, the annual few days of the J.P. Morgan Healthcare Conference and everything that mushrooms around it seem just … Continue reading “Notes from the JPM19 Vortex: Price Apocalypse, Celgene Fallout & More”
Uncertainty Grows for Biotech as Government, FDA Shutdown Drags On
The partial government shutdown could soon become the longest shutdown in history, and biotech firms that have submitted regulatory filings are facing greater uncertainty about their future plans. More than 40 percent of FDA workers and thousands at the SEC are furloughed, and FDA Commissioner Scott Gottlieb is resorting to Twitter to post updates about … Continue reading “Uncertainty Grows for Biotech as Government, FDA Shutdown Drags On”
FAANG, Public Trust, Valuations, in 2019: The Read from Menlo Ventures
The market caps of some of the most successful tech titans reach as high as $1 trillion. Yet in 2018, perceptions about these dominant companies often reflected uneasiness and doubt—and for some, so did their stock performance. Maybe the mood shift has to do with the fact that the public and government leaders no longer … Continue reading “FAANG, Public Trust, Valuations, in 2019: The Read from Menlo Ventures”
Apollo 8: Holding the Mirror Up to Our Planet—Milestones of Innovation 16
The fiftieth anniversary of Apollo 8’s orbital visit to the moon underlines the importance of emotion and changes of perception in the history of innovation. Then and later, commentators said that the technological marvel reversed some of the gloom from the assassinations of Martin Luther King and Robert Kennedy, the Chicago police beating of dissidents … Continue reading “Apollo 8: Holding the Mirror Up to Our Planet—Milestones of Innovation 16”
Black Diamond Gets $85M for Cancer Drugs R&D and New Cambridge HQ
When Black Diamond Therapeutics emerged from stealth mode last month with $20 million in backing and a handful of preclinical cancer drugs, the company signaled that another financing was in the works for 2019. That day is here. Black Diamond announced late Wednesday that it has closed $85 million in Series B financing, which the … Continue reading “Black Diamond Gets $85M for Cancer Drugs R&D and New Cambridge HQ”
Big Deals, Life Sciences Push U.S. VC in 2018 to Dot-Com Boom Levels
[Updated 1/18/19, 3:27 pm. See below.] Venture capital investments rose in 2018 to levels not seen since the heady days of 2000, the last year U.S. startups collectively took in more than $100 billion. That’s according to PitchBook and the National Venture Capital Association’s Venture Monitor report, released this week, which tallied nearly 9,000 deals … Continue reading “Big Deals, Life Sciences Push U.S. VC in 2018 to Dot-Com Boom Levels”
Beta Bionics Secures $63M as AI-Driven “Pancreas” Heads to Key Tests
Beta Bionics, a startup developing a medical device that monitors and manages blood sugar levels in diabetes patients, has closed $63 million to back late-stage clinical tests of its AI-powered technology. The cash tops off a Series B round of funding announced last year. The Boston company, which counts diabetes drug giants Eli Lilly (NYSE: … Continue reading “Beta Bionics Secures $63M as AI-Driven “Pancreas” Heads to Key Tests”
With Room To Grow, Facebook Boston Moves Into Shiny, New Office
Facebook’s new Boston office—which is really in Cambridge, MA—is up and running, and there’s plenty of elbow room. The digs measure 130,000 square feet of open-style tech workspaces, something called micro-kitchens, a massive cafeteria, and cheeky-titled conference rooms. Floor-to-ceiling windows offer views of Cambridge, Boston’s Beacon Hill, the Zakim Bridge, and more, all from the … Continue reading “With Room To Grow, Facebook Boston Moves Into Shiny, New Office”
The Power Combo of A.I. Devices with Cloudlets Comes with Cyber Risks
When we have a chance to view it from a distance, the year 2018 may be seen as a period when innovations in a number of technological fields came together to transform not only the future of computing, but also the very structure of the Internet. First, entrepreneurs vying to invent self-driving vehicles, virtual assistants, … Continue reading “The Power Combo of A.I. Devices with Cloudlets Comes with Cyber Risks”
Barlow Departs Parkinson’s Institute for CMO Post at E-Scape Bio
Carrolee Barlow has joined E-Scape Bio as chief medical officer. Barlow comes to the San Francisco biotech from the Parkinson’s Institute and Clinical Center, where she was CEO. Her experience also includes executive posts at Amicus Therapeutics (NASDAQ: [[ticker:FOLD]]) and BrainCells, a company she co-founded to develop treatments for neurological and psychiatric disease. E-Scape, which … Continue reading “Barlow Departs Parkinson’s Institute for CMO Post at E-Scape Bio”
Motorola Solutions Pays $445M for VaaS, Which Tracks Car Locations
Fort Worth—Motorola Solutions (NYSE: [[ticker:MSI]]) is acquiring a Texas company that sells law enforcement offices and private businesses data it collects about license plates—which can reveal where a car is at a certain time, say—for $445 million in cash and equity. Through two subsidiaries, Fort Worth, TX-based VaaS International Holdings sells data and image analytics … Continue reading “Motorola Solutions Pays $445M for VaaS, Which Tracks Car Locations”
Alector Files for IPO to Fund Studies of Alzheimer’s, Dementia Drugs
Alector, a biotech company focusing on the immune system to treat degenerative brain disorders such as Alzheimer’s disease, has filed to go public to fund human tests of its experimental therapies. South San Francisco, CA-based Alector set a preliminary $150 million target for its IPO. The company has applied for a listing on the Nasdaq … Continue reading “Alector Files for IPO to Fund Studies of Alzheimer’s, Dementia Drugs”
Microsoft, Kroger Advance Grocery Tech to Fend Off Amazon
From the cloud on down to the floors of supermarkets, the rivalry between Microsoft and Amazon spans many sectors in software, gadgets, and increasingly, retail. The Seattle-area tech giants are battling—both with one another, and other competitors—to further digitize grocery shopping. The latest salvo came on Monday from Microsoft (NASDAQ: [[ticker:MSFT]]), which announced new details … Continue reading “Microsoft, Kroger Advance Grocery Tech to Fend Off Amazon”
Bio-JPM Roundup: Lilly Buys Loxo, Sage’s Stock Soars, ALS Cash & More
The flow of biotech news is particularly heavy today, and for good reason. The annual J.P. Morgan Healthcare Conference, one of the biggest gatherings for the biopharmaceutical industry, kicked off today in San Francisco, and many companies, whether they’re speaking at the event or not, use this time to get their news out. Xconomy is … Continue reading “Bio-JPM Roundup: Lilly Buys Loxo, Sage’s Stock Soars, ALS Cash & More”
Humatics Raises $28M Round to Advance Spatial Intelligence Platform
Humatics, the Waltham, MA-based startup working on microlocation technology for use in robots and autonomous vehicles, today announced that it has raised $28 million in a Series A1 round. The investment was led by Tenfore Holdings, with participation from Blackhorn Ventures, JCI Ventures (the venture arm of Johnson Controls), and all major investors from Humatics’ 2017 Series … Continue reading “Humatics Raises $28M Round to Advance Spatial Intelligence Platform”
Eli Lilly Makes an $8B Cancer Genetics Bet with Loxo Acquisition
[Updated 1/7/19, 11 a.m. ET. See below.] Eli Lilly is set to acquire Loxo Oncology for approximately $8 billion—a deal that brings to the Indianapolis pharmaceutical giant a class of drugs that treat cancers with particular genetic signatures. Under the agreement announced Monday, Lilly (NYSE: [[ticker:LLY]]) will pay $235 cash per share of Loxo (NASDAQ: … Continue reading “Eli Lilly Makes an $8B Cancer Genetics Bet with Loxo Acquisition”
Tech Leaders Weigh In on Tim Berners-Lee’s “Contract for the Web”
Looking back over the past two years, it seems that public perceptions of tech companies have shifted, compared with the eager acceptance that often prevailed as innovations from these businesses transformed social interactions, transportation, and other aspects of life. In early 2017, a more critical mood began to take hold as Uber’s allegedly biased employment … Continue reading “Tech Leaders Weigh In on Tim Berners-Lee’s “Contract for the Web””
Ultragenyx Exec Mansbach Joins 89bio as Chief Medical Officer
Hank Mansbach has been appointed chief medical officer of 89bio. Mansbach comes to the biotech startup from Ultragenyx (NASDAQ: [[ticker:RARE]]), where he was head of metabolic and neurology global clinical development. 89bio, which splits its operations between San Francisco and Herzliya, Israel, raised $60 million in financing last October to support its development of a … Continue reading “Ultragenyx Exec Mansbach Joins 89bio as Chief Medical Officer”
Genentech, Adaptive Bio Join Forces on Personalized Cancer Drugs R&D
Genentech is paying Adaptive Biotechnologies $300 million up front in a new partnership focused on developing cancer immunotherapies personalized to individual patients. Seattle-based Adaptive has technology that can analyze the immune system to find targets for cell therapies. Adaptive says that its screening technology enables it to discover T-cell receptors (TCRs) that can recognize and … Continue reading “Genentech, Adaptive Bio Join Forces on Personalized Cancer Drugs R&D”
Bio Roundup: $74B for Celgene, Two CAR-T Tales, Ready for SF & More
In 2018, my Exome colleagues and I published hundreds of stories about health, medicine, the biopharma industry, government policy, and more. You’ll find a few of our favorite stories in this review of some of the year’s best from across the Xconomy network. Topics ranged from the worries over CRISPR genome editing and Wild West … Continue reading “Bio Roundup: $74B for Celgene, Two CAR-T Tales, Ready for SF & More”
From Immigration to Taxes, Execs Talk Trump Effect on Innovation
When it comes to developing and promoting innovation, external factors beyond the control of company founders, investors, and other business leaders can also determine whether a startup succeeds or fails. In 2018, geopolitical events—in particular, President Donald Trump’s hard-line stances on trade and immigration, and the repeal of net neutrality rules—were top of mind for … Continue reading “From Immigration to Taxes, Execs Talk Trump Effect on Innovation”
Alphabet’s Biotech R&D Arm Verily Raises $1B to Fuel Growth
Verily, the biotech research and development company owned by Google parent Alphabet, has raised $1 billion in an investment round led by Menlo Park, CA-based private equity titan Silver Lake. The South San Francisco, CA-based company was formerly known as Google Life Sciences before Alphabet (NASDAQ: [[ticker:GOOG]]) spun it off from the search engine giant … Continue reading “Alphabet’s Biotech R&D Arm Verily Raises $1B to Fuel Growth”
For CAR-T Cancer Fighters in the Real World, Two Roads Diverge
[Corrected, 1/4/19, 3:55pm ET. See below.] A generation ago, cancer treatments made from a patient’s own living immune cells would have been science fiction. Now they’re here. The first two products, approved in 2017 and known in shorthand as CAR-T, have brought some people with otherwise untreatable blood cancers back from the brink of death. … Continue reading “For CAR-T Cancer Fighters in the Real World, Two Roads Diverge”
Tizona Lands $105M from AbbVie in Cancer Drug R&D Alliance
A cancer immunotherapy teed up for clinical trials by Tizona Therapeutics is now the centerpiece of a new partnership with AbbVie, which is paying the startup $105 million up front. In addition to the cash paid to South San Francisco, CA-based Tizona, AbbVie (NYSE: [[ticker:ABBV]]) said Thursday that it has made an equity investment in … Continue reading “Tizona Lands $105M from AbbVie in Cancer Drug R&D Alliance”
In a Huge Biopharma Shakeup, Bristol-Myers to Buy Celgene For $74B
Bristol-Myers Squibb has agreed to acquire Celgene in a deal that would create one of the largest biopharma organizations in the world and send ripples throughout the life sciences sector. Bristol (NYSE: [[ticker:BMY]]) on Thursday morning inked a deal to buy Celgene (NASDAQ: [[ticker:CELG]]) in a deal that values the Summit, NJ, drugmaker at $74 … Continue reading “In a Huge Biopharma Shakeup, Bristol-Myers to Buy Celgene For $74B”
LÜM’s Music Discovery App Aims to Help Emerging Artists Find Fans
[Corrected 10/14/19, 3:36 pm CT. See below.] The music streaming wars are far from over. While big players like Spotify, Apple, and Amazon fight to make their music apps the go-to option for listening to the latest hit tracks from well-known artists such as Beyoncé, Drake, and Mumford & Sons, young startups still see room … Continue reading “LÜM’s Music Discovery App Aims to Help Emerging Artists Find Fans”
MyoKardia Goes Solo as Sanofi Ends Precision Heart Drug Deal
MyoKardia rode a partnership with Sanofi to the public markets a few years ago. But the two companies are cutting ties today, with MyoKardia regaining full rights to its drug programs and assuming all the upside—and risk—of their success or failure. MyoKardia (NASDAQ: [[ticker:MYOK]]) said the deal, which started in September 2014, will wrap up … Continue reading “MyoKardia Goes Solo as Sanofi Ends Precision Heart Drug Deal”
Copps: Key Ingredient As A.I. Permeates Daily Life is Building Trust
The promise, and pitfalls, of artificial intelligence became more apparent in the last year, and for Dave Copps, founder of A.I. companies such as Brainspace and Hypergiant Sensory Sciences, the pace of adoption will only accelerate in 2019. What can help to smooth the transition to our new machine learning-enabled future is an effort on … Continue reading “Copps: Key Ingredient As A.I. Permeates Daily Life is Building Trust”
Three Ways 5G Is More Than Just Fast Video Streaming
In 2019, we will finally see commercial deployment of the much-anticipated 5G (fifth-generation) wireless network. 5G brings us closer to the possibility and promise of ubiquitous, un-tethered connection between every device and every entity. The projected exponential increase in bandwidth, low latency, ultra-reliable connections, and highly configurable network solutions enabled by 5G will go beyond … Continue reading “Three Ways 5G Is More Than Just Fast Video Streaming”
New Year to Bring New Data Security Threats, Cyber Investor Warns
Bob Ackerman is one of the venture capitalists whose funding has long fed the growth of the burgeoning cybersecurity industry. So, you might imagine that his outlook on data protection for 2019 would be more optimistic than in past years, because businesses now take advantage of a broad choice of security services to protect themselves. … Continue reading “New Year to Bring New Data Security Threats, Cyber Investor Warns”
NY’s Research Institutions Must Keep Working Together in ‘19
[Corrected, 1/7/19, 5:15 pm. See below.] [Editor’s Note: Euan Robertson, the Director of Strategic Planning & Special Projects at Columbia Technology Ventures, co-wrote this article.] It is a commonly held belief that academic research institutions, including those in New York City, are fierce competitors. In some ways, that may be true: Universities battle with each … Continue reading “NY’s Research Institutions Must Keep Working Together in ‘19”
In 2019, the Dam Will Break: Student Debt Predictions and Solutions
With the density of colleges and universities in the Boston area, we don’t often recognize how inaccessible higher education has become for the majority of the country. In fact, seven out of 10 college graduates today have outstanding student loans. And while many of us believe that education is a “must-have,” it’s alarming how structurally … Continue reading “In 2019, the Dam Will Break: Student Debt Predictions and Solutions”
From Alnylam to Zayner: Xconomy’s Top Innovation Stories of 2018
2018 was a year of ups and downs for the business and technology community. It was a year of big exits—both IPOs and acquisitions—for tech and life sciences companies. Venture funding remained strong, but more money went to fewer (and later-stage) companies overall. As the year winds down, we’re reflecting on the big innovation trends … Continue reading “From Alnylam to Zayner: Xconomy’s Top Innovation Stories of 2018”
Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind
[Updated 12/27/18, 9:54 am] Manoj Saxena is bullish on artificial intelligence. As chairman of Austin, TX-based A.I. startup CognitiveScale and managing director of The Entrepreneur Fund, which makes investments in early-stage machine learning companies, Saxena believes A.I. can transform how we work and play—creating opportunities for business. But he’s also aware that the technology, if … Continue reading “Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind”
CFOs: Prepare To Become Your Company’s Data Czar This Year
In mid-2018, Tom Bogan was the leader of business planning software company Adaptive Insights as it planned its own next steps. The Palo Alto, CA-based company was on the point of raising about $115 million in a June IPO that would have set its market value at around $705 million, according to PitchBook. But like … Continue reading “CFOs: Prepare To Become Your Company’s Data Czar This Year”
Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019
It was an eventful year for the artificial intelligence industry. The sector saw more big venture capital deals and acquisitions, while researchers kept plugging away on technology advances. Meanwhile, A.I. developers continued to grapple with issues around transparency, trust, and ethics. As part of Xconomy’s series of year-end posts, we asked a pair of CEOs … Continue reading “Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019”
San Francisco Biotech: The Next Generation—Photos and Takeaways
Among the life science companies developing new approaches to disease today are those that will shape the healthcare of tomorrow. Earlier this month, Xconomy offered a select audience a peek at some of them making advances in the Bay Area. Three companies aiming to transform healthcare took to the stage at UCSF Mission Bay on … Continue reading “San Francisco Biotech: The Next Generation—Photos and Takeaways”